The Madoff Investor JEHT Foundation, created by Jeanne Levy-Church, Shocked to Lose their Endowment

From the New York Times today:

When Jeanne Levy-Church created the JEHT Foundation in 2002 to promote justice, equality, human dignity and tolerance, she tapped into investments run by Bernard L. Madoff. Those investments were initially made more than three decades ago by her father, Norman Levy, who entrusted his real estate fortune to Mr. Madoff. Financed solely by regular contributions from Ms. Levy-Church, the foundation gave away more than $75 million over the next few years. But on Monday, the young foundation announced that it would cease operations by the end of January – a victim of the same investments that made it a star in liberal philanthropic circles. “The returns had been steady and strong for all these years,” said Robert Crane, the foundation’s chief executive. “It was shocking.”

 

jeanne levy church lost a lot of money to Bernard Madoff
Jeanne Levy Church got caught out in one of the largest frauds ever seen through having her investments looked after by Bernard Madoff. He ran a Ponzi scheme that made use of his high level position to backdate trades and to manipulate client account statements.

What was shocking? That the good thing that made no sense, the good thing that produced such easy money for so long, was finally exposed as a con? Think I am too harsh? Well, it is clear that some very wealthy people are currently all over the media with “I don’t know what happened” cries. It rings hollow.

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